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It's 2 1st rounders or other compensation that the team agrees to. Redding can be traded for anything the Lions will take.
That's what I'm getting at. If Redding chooses to holdout, the Lions can accept less to get red of him (and get what they can). I think #32 for Redding is a good trade, but the Colts probably won't trade away their top pick since they build through the draft. Redding was awesome @ DT last year, and if he had Freeney & Mathis outside him, he might continue to produce the same way. The Colts need another quality DT, and Redding would probably be a better investment than what Corey Simon was.